Minister for Finance’s statement on National Treasury Management Agency Syndicated Sale

The Minister for Finance, Michael Noonan T.D., today welcomed the successful syndicated sale by the National Treasury Management Agency (NTMA) of €3.75 billion of bonds.  Minister Noonan stated:

“I welcome today’s successful sale by the NTMA of €3.75 billion of bonds maturing in March 2024. This sale shows that Ireland has fully exited the EU – IMF Programme of Assistance.  The yield of 3.54% illustrates the strength of Ireland’s international reputation and brings us far closer to the borrowing rates of the strongest European economies”.

The level of demand for today’s sale with some €14 billion of orders shows that the Government’s decision to exit the EU – IMF Programme without a precautionary credit line has built strong confidence amongst investors.  It is particularly noteworthy that the orders of €14 billion for today’s sale exceed the €10 billion that could have been available under a precautionary programme.  

I would like to acknowledge that strong investor sentiment was built through a series of transactions announced in November and December that coincided with exit from the EU-IMF Programme.  These included the recouping of a premium on the disposal of the State’s investment in Bank of Ireland preference shares, NAMA’s bond redemptions, the selection of a preferred bidder for Bord Gáis Energy, and the successful sale of the majority of the IBRC Evergreen portfolio to the private sector.”